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How to Read Your Award Letter
This page provides important details about the Award Letter provided by the Office of Financial Aid. Review it carefully with your parent(s) so that you have a clear understanding of the financial aid offered, financial aid terms, our policies, and your responsibilities as an aid recipient.
In addition to the text below, which describes content of Parts 1 - 5 of your Award Letter, be sure to review the links under “More Resources” in the column on the right.
|Part 1: Estimated Costs|
Your Award Letter begins with information about the costs we estimate you will incur. All figures assume full-time enrollment, unless otherwise noted. “Direct Costs” will appear on your billing statement. Your actual costs may vary, based on your housing, enrollment, year in school, and other factors. Standard, direct costs for the year are:
1 There are other room options, each with different pricing.
“Indirect Costs” will not appear on your bill, but should be anticipated. While your cost may differ, we suggest you budget the following:
For a list of other costs go to lakeforest.edu/costs.
|Part 2: Financial Aid Eligibility|
Here you will see the funds you qualify to receive from all known sources. All figures assume full-time enrollment, unless otherwise noted. They were determined by the applications you submitted and guidelines of both the College and the U.S. Department of Education.
|Part 3: Estimated Payment and Payment Options|
This section summarizes the estimated amount your family will pay for the year and the choices you have in making payment to the College. Your billing statement will provide official figures. Billing Statemetns are available online after receiving your deposit (within 72 hours for Spring ’20, and in June for Fall ’20). New students who pay the $500 deposit will see $300 applied as a credit on their billing statement. The remaining $200 is retained by the College, and refunded after graduation.
Payment in full and on time ensures that you will avoid late fees and keep your chosen classes. Payment may be made by check, wire transfer, credit card (service fee applies), or EFT.
This section begins with our estimate of the amount your family will pay, with and without loans. Loan fees until 10/1/20 Stafford Loans, 1.059%; PLUS Loans, 4.236%) and the cost of health insurance are not included in our calculation.
If you have been offered work-study, your earnings are paid directly to you by check, so funds are not included in our calculation.
Option 1: You make one payment each semester, no later than two weeks before classes begin. While the amount you pay each
Option 2: Your monthly payment options include a 9- and 10-month plan (July – April, due on the 1st or 15th). There is an enrollment fee each year (est. $90). No interest is charged.
Option 3: Your parent uses a federal loan to cover your costs, with credit approval required. Applications are available in mid-June.
Option 4: You may use a private loan, if you have a credit-worthy co-signor who is a U.S. citizen or permanent resident.
Option 5: You customize a plan to fit your budget, by combining
|Part 4: Important Messages|
Please note these details about your financial aid, including conditions related to your financial aid, the documents you may need to provide, and similar notes. The most issues (and forms you may need) are found below.
Most forms can be scanned and sent by email (preferred method) to firstname.lastname@example.org. They can also be faxed (847-735-6271) or sent by regular mail. Need help with something else? Call 847-735-5010 or -5103 or email@example.com.
V-4 and V-5 please contact our office.
Verification Worksheets, 2020-2021 academic year
V-4 and V-5 please contact our office.
|Part 5: What Happens Next|
Here you will see what steps you may need to take once you decide to enroll at the College, including: